Purchase entry
This query is : Resolved
D MOHAMMED FAIZAL
(Querist)
17 August 2017
Sir,
Please clarify whether GST purchase bill should be accounted in our accounts book, on invoice date or else on goods receipt date at our godown?
(because we usually purchase goods from other states, the supplier raises the gst invoice against our name when material dispatched from their godown, but we get materials after a month. When can we account this purchase bill? please clarify?) and clarify who will be the owner of goods in transit?
Please clarify whether GST purchase bill should be accounted in our accounts book, on invoice date or else on goods receipt date at our godown?
(because we usually purchase goods from other states, the supplier raises the gst invoice against our name when material dispatched from their godown, but we get materials after a month. When can we account this purchase bill? please clarify?) and clarify who will be the owner of goods in transit?
CA Suresh Jain
(Expert)
17 August 2017
In the books you have to account for the purchases only on receipt of the goods not before the receipt of goods.
Ownership of goods in transit has nothing to do with GST, it has to be decided as per the terms and condition of the sale contract between you and seller
Ownership of goods in transit has nothing to do with GST, it has to be decided as per the terms and condition of the sale contract between you and seller
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